Resistance 3: Y104.30
Resistance 2: Y103.60
Resistance 1: Y103.20
Current price: Y102.08
Support 1: Y100.60
Support 2: Y99.20
Support 3: Y98.60
Comments:
The yen fell as state-backed bank rescue plans in the U.S., Europe and
South Korea helped alleviate a global credit crisis, encouraging
investment in higher-yielding currencies.
The yen declined against
the carry trades favorites Australian dollar and the South African rand
as U.S. dollar borrowing costs in Singapore dropped the most in nine
months. So the pressure on the yen likely to persist in the near time.
Closest resistance spotted at Y103.00/25 (Kijun line, 14 Oct high, 21-DMA,
High 7 Oct high) zone. If broken Y103.60 September lows to be the next
target. Further rise likely to be capped near Y104.10/30 (/50% of
entire fall from Aug high at Y110.65 to Y97.91).
October 17 low
Y100.60 is the closest support. Oct 16 low Y99.20 area looks like
stronger one. March lows of Y98.60 remains the pivotal level. On
longer-term charts, Y95.89 (76.4% of Y79.90 to Y147.60) looks pivotal,
also marking the cycle low of 17 March.